Warranty is generally a written agreement between a merchant and a buyer to replace, repair or compensate for a product if it is found under or non-performing. It is given as a written document known as warranty document which states the terms and conditions under which the product can be denounced as faulty or under performing.
The major types of warranties are:
- Implied warranties
Implied warranties as the term suggests are unwritten and unspoken assurances which are automatically understood during the purchasing of a product. Fitness for a particular purpose is the basic implied warranty. It means that if a merchant sells a product to buyer, it is assured by him that the product is fit to perform the function for which the item is being purchased for.
- Express warranties
Express warranties are overt assertions and promises made by the merchant about a product. Unlike implied warranties, these are not automatically a part of sales contract. They are explicitly offered by the merchant. Express warranties can be made either orally or in writing ranging from advertising claims to formal certificates.
- Warranty against defects
This is the most common warranty. It is given against defects in material and workmanship of a product. This assures that the product is built properly with appropriate materials. This warranty assures that if a product is found faulty, either it will be fixed or replaced. It comes with a limited time offer so a customer can claim this warranty only till a limited time after purchasing the item. It is also known as manufacturer’s warranty.
- Extended and lifetime warranties
Sometimes, a merchant can provide you with an extended warranty on a product. This means that the express warranty is extended to a certain time. On the other hand, lifetime warranty is not an extended warranty on express warranties rather it is given against warranty against defects. This excludes the performance factor of a product.
Elements of a warranty
The warranty document carries certain things to assure its usage. These are:
- Warrantor’s name, business address, phone number and email address
- Terms and conditions under which warranty is applicable
- Details and procedures
- Time period till the warranty is valid
- Any exclusions or limitations on the warranty.
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